Oil prices rebounded and rose over 1% on Monday after diving to their lowest levels in 15 months amid turmoil in the banking sector.

The  Brent contract with May delivery last rose 73 cents, or 1%%, to $73.70 a barrel, after earlier hitting $71.64 per barrel at 11:00 London time.

The front-month April WTI Nymex gained 73 cents, or 1.09%, to $67.47 a barrel.

Oil prices have come under pressure from a crisis in the Western banking sector, which has seen the downfall of tech startup-focused Silicon Valley Bank and the takeover of embattled Credit Suisse by Swiss rival  UBS in the span of two weeks. Two sources within the influential OPEC+ alliance signaled to CNBC at the end of last week that banking uncertainty was feeding into fears of another financial collapse to the tune of the 2008 crisis.

OPEC+ delegates could only comment on condition of anonymity, as they are not allowed to publicly discuss the topic.

Over the past year, OPEC+ has championed stability in the oil price landscape to encourage long-term investment in spare capacity and avoid supply shortages. An OPEC+ ministerial technical committee is next set to adjourn on April 3.

Citing “banking stress, recession fears, and an exodus of investor flows,” analysts at Goldman Sachs on March 18 cut their oil price outlook, now expecting Brent prices to hit $94 per barrel in the upcoming 12 months and $97 per barrel over the second half of 2024 — compared with previous projections at $100 per barrel for both periods.